SouthState Corp Decreases Stake in Carrier Global Co. (NYSE:CARR)

SouthState Corp lessened its holdings in shares of Carrier Global Co. (NYSE:CARR) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,944 shares of the company’s stock after selling 184 shares during the quarter. SouthState Corp’s holdings in Carrier Global were worth $559,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CARR. Frank Rimerman Advisors LLC boosted its position in Carrier Global by 54,708.0% during the second quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after acquiring an additional 13,677 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Carrier Global in the 1st quarter worth approximately $2,019,000. Kintegral Advisory LLC lifted its stake in Carrier Global by 44.2% in the 2nd quarter. Kintegral Advisory LLC now owns 28,395 shares of the company’s stock worth $1,797,000 after purchasing an additional 8,705 shares in the last quarter. Foster Victor Wealth Advisors LLC acquired a new position in shares of Carrier Global during the 2nd quarter worth approximately $7,720,000. Finally, Vista Investment Partners LLC purchased a new stake in shares of Carrier Global in the second quarter valued at approximately $744,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CARR shares. Robert W. Baird reduced their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Barclays lowered their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective for the company. Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley began coverage on shares of Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price target for the company. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and a consensus price target of $82.31.

Carrier Global Price Performance

CARR stock opened at $74.27 on Wednesday. The business’s fifty day moving average price is $77.84 and its 200 day moving average price is $70.07. Carrier Global Co. has a 12-month low of $51.20 and a 12-month high of $83.32. The company has a market capitalization of $66.64 billion, a PE ratio of 18.80, a P/E/G ratio of 2.68 and a beta of 1.34. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69.

Carrier Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. Carrier Global’s dividend payout ratio is presently 19.24%.

Carrier Global announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.